Choosing an appropriate and reliable payment processor or merchant account provider is essential to running any business that processes credit and debit transactions. Payment processors are not all built the same so it’s important to understand the merits and drawbacks each one has. This post will simply outline the main ones found in Canada so you can have a better idea of what your options are. The benefits and costs that each provider offers is generally dependent on the type of account you open so the benefits and costs are difficult to quantify in a single article. Some of the main things to look out for when choosing a payment processor are the following: cards you want to accept (Visa, MasterCard, AMEX, debit, etc.), your merchant fees or rates, customer service available, and what methods of payment you want to accept (tap, chip, e-commerce, etc.)
Moneris is a Canadian payment processor from Toronto, Ontario. It was formed as a joint venture by BMO and RBC . They are Canada’s largest and most widely used payment processing company. They accept all major credit cards as well as debit and mobile payments. Moneris operates on a merchant account system and offers 24/7 support. They serve medium to large businesses or smaller businesses looking to grow rapidly.
Chase is an American payment processor based in Dallas, Texas. The generally operate within the enterprise sector by providing custom payment processing structures. Chase is not good for small and medium businesses since their solutions tend to be more customized.
Global Payments in an American payment processor with its headquarters located in Atlanta, Georgia. They are also one of the largest processors in North America and Canada and suit businesses that need merchant accounts. Global targets large businesses with high processing outputs. They also offer 24/7 support for their services.
FirstData is an American payment processor also based in Atlanta, Georgia. They are the largest processor in the world and are best know for traditional payment terminals. They also offer 24/7 customer support and suit any sized business though the rates offered are quite dependent on the representative you work with.
Wiz-Tec has partnered with Moneris to bring the #1 payment processor in Canada to your business. All our payment solutions have Moneris payment terminals which are EMV and PCI certified.